Core Viewpoint - Tianhai Defense has approximately 14 billion yuan in hand orders, with a significant portion coming from offshore engineering vessels and transportation ships [1] Group 1: Order Composition - The company’s current orders are about 14 billion yuan, with offshore engineering vessel orders accounting for approximately 25% [1] - The offshore engineering orders include large floating wind power projects, crane vessels, and piling vessels, which are traditional strengths of the company [1] - Transportation ship orders make up about 75% of the total, primarily consisting of 40,000-ton handy bulk carriers and 5,900-ton/5,200-ton multipurpose vessels [1] Group 2: Market Demand - Although the individual value of multipurpose vessels is relatively low, there is a significant demand due to the large existing fleet in the Baltic Sea region, which is currently undergoing a replacement cycle [1] - The expected order demand for these vessels is anticipated to continue for some time [1]

Core Viewpoint - Tianhai Defense has approximately 14 billion in hand orders, with a significant portion coming from offshore engineering vessels and transportation ships [1] Group 1: Order Composition - The company's current orders are about 14 billion, with around 25% attributed to offshore engineering vessels, including newly acquired large floating wind power projects and traditional advantage projects like crane and piling vessels [1] - The remaining 75% of the orders are for transportation vessels, primarily consisting of 40,000-ton handy bulk carriers and 5,900-ton/5,200-ton multipurpose vessels [1] Group 2: Market Demand - Although the individual value of these multipurpose vessels is relatively low, there is a significant demand due to the large existing fleet in the Baltic Sea region, which is currently at a replacement cycle, indicating sustained future order demand [1]

Core Viewpoint - Tianhai Defense (300008) reported a current order backlog of approximately 14 billion yuan, indicating a strong demand for both offshore and transport vessels [1] Group 1: Order Composition - The company's order backlog consists of about 25% offshore vessel orders, which include newly acquired large floating wind power projects and traditional stronghold projects such as crane vessels and piling vessels [1] - Transport vessel orders make up approximately 75% of the backlog, primarily consisting of 40,000-ton handy bulk carriers and 5,900-ton/5,200-ton multipurpose vessels [1] Group 2: Market Trends - The demand for multipurpose vessels is expected to continue due to a significant number of such vessels in the Baltic Sea region reaching their replacement cycle [1]

Revenue and Profitability - The company's revenue has grown from over 500 million in 2020 to approximately 4 billion in 2024, driven by the recovery of the shipbuilding industry and the company's strategic focus on offshore engineering projects, capturing about 30-40% of the market for wind power installation platforms [1][2] - The gross margin improved significantly from around 10% in 2022-2023 to approximately 20% currently, due to better pricing power and increased production efficiency through standardized and centralized manufacturing [2] Market and Order Insights - The company currently holds orders worth approximately 14 billion, with about 25% from offshore engineering projects and 75% from transportation vessels, primarily small to medium-sized multi-purpose and handy-sized bulk carriers [5][6] - The majority of transportation vessel orders come from the European market, while domestic orders are limited due to competition from state-owned shipyards [4] Strategic Focus and Future Outlook - The company aims to leverage the favorable market conditions and government support for the marine economy to achieve steady growth in performance [6] - A new strategic plan is being developed as the current one is set to expire in 2025, with a continued focus on core shipbuilding and marine operations [6]